Silico Manganese price continue to come under pressure as buying interest remained subdued.
Domestic demand for Silico Manganese continues to be thin, and market participants highlighted that purchasing was low in the week gone by amid low Ingot production in the country, which is generally a good indicator of the market. Silico Manganese 60-14 is being offered at INR 64,000 /MT (Ex-Raipur) and at INR 63,000 /MT (Ex-Durgapur). However, the sell-side participants are also not in a position to cut their offers to solicit trade, as their cost of production is high on account of high Manganese Ore procurement cost.
In the export market, Indian producers have kept offer firm in line with the Indian Rupee stabilizing, and with high cost of production. However, the Manganese Ore which was booked at much lower rates have now started reaching India just recently. Buying interest was firm from Japan, Turkey and other European countries. Silico Manganese 60-14 is being offered at USD 930 /MT FOB East-coast India, and Silico Manganese 65-16 is being offered at USD 1050 /MT FOB East-coast India.
On the future trend, Silico Manganese prices are expected to remain under pressure, and the possibility of seeing a rebound in prices seems unlikely.
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